(Only in Italian)

Nella seduta del 4 novembre 2021 il Consiglio dei Ministri ha approvato in esame definitivo:

  • il decreto di attuazione della Direttiva (UE) 2019/879, che modifica la Direttiva 2014/59/UE (BRRD) per quanto riguarda la capacità di assorbimento di perdite e di ricapitalizzazione degli enti creditizi e delle imprese di investimento e la direttiva 98/26/CE;
  • il decreto per l’adeguamento della normativa nazionale al Regolamento (UE) n. 806/2014, che fissa norme e una procedura uniformi per la risoluzione degli enti creditizi e di talune imprese di investimento nel quadro del meccanismo di risoluzione unico e del fondo di risoluzione unico e che modifica il Regolamento (UE) n. 1093/2010, come modificato dal Regolamento (UE) 2019/877.

In press release issued on 4 November 2021 by Bank of Italy, it was announced that a joint workshop with the Deutsche Bundesbank had taken place to share experiences on the settlement in central bank money of assets exchanged on emerging and innovative market solutions based on Distributed Ledger Technology (DLT) using the programmable features available on DLT-based systems.

The initiative focused on the possibility of complementing established means of central bank money settlement with a programmable trigger mechanism connecting the DLT-based asset (i.e. a tokenised electronic security) and the cash to be settled by means of conventional payment systems, preserving the delivery-versus-payment mode of settlement, which minimises the counterparty risk for both the buyer and the seller.

EBA has launched a public consultation on its draft Regulatory Technical Standards (RTS) on Initial Margin Model Validation (IMMV) under the European Markets Infrastructure Regulation (EMIR).

The consultation paper sets out the supervisory procedures for initial and ongoing validation of initial margin models, which will be used to determine the level of margin requirements for uncleared over the counter (OTC) derivatives. Supervisory validation will ensure harmonised supervisory procedures and an appropriately prudent approach to the level of initial margins for EU derivatives counterparts.

The consultation will end on 4 February 2022.